Farfetch posts 35% revenue increase for 2021
Farfetch has reported its financial results for Q4 and FY21, revealing a 35% year-on-year revenue increase to £1.7 billion ($2.3 billion) in 2021.
For the fourth quarter ending 31 December 2021, the company's revenue increased to £497 million ($666 million), compared to £403 million ($540 million) in 2020. The revenue increase was largely driven by its digital marketplace, generating growth from multi-brand retailers and e-concession partners.
Farfetch delivered £1.2 million ($1.63 million) adjusted EBITDA in 2021, compared to a £35 million ($47.4 million) loss in 2020. For Q4, its adjusted EBITDA was a £26 million ($36 million), up from £7.4 million ($10 million) the previous year.
Gross profit totalled £233 million ($313 million) for Q4 and £747 million ($1 billion) for 2021.
José Neves, Farfetch Founder, Chairman and CEO said: “Our fourth quarter results clearly demonstrate the strong momentum behind the Farfetch platform. We exit the year having once again delivered market share capturing GMV growth in 2021 along with our first year of Adjusted EBITDA profitability. This positions Farfetch for an incredible 2022 focused on continuing to lead the online luxury fashion industry, growing faster than the runner-ups and expanding profitability."
“As we enter a post-pandemic environment, I am proud of the support Farfetch has provided to our partners across the global luxury community during this unprecedented time as we advanced our mission to be the connector between the curators, creators and consumers of the luxury fashion industry."